(TSX: TWM)
CALGARY,
AB, March 6, 2025 /CNW/ - Tidewater Midstream
and Infrastructure Ltd. ("Tidewater" or the "Corporation") (TSX:
TWM) is pleased to announce that it has entered into a definitive
agreement with Canadian Resource Roadways LP ("CRR"), for the sale
of its Brazeau River Complex roadway network (the "BRC Roadway
Network") for total proceeds of $24
million (the "Transaction"). Of the $24 million in total proceeds, $22.5 million will be received upon closing of
the Transaction, with the balance to be received on or before
December 31, 2025. The BRC Roadway
Network is a non-core asset of Tidewater and the disposition of the
BRC Roadway Network is expected to have an immaterial impact to
Tidewater's 2025 operating results. The proceeds from the
Transaction are anticipated to be used to reduce amounts
outstanding on the Corporation's three-year delayed draw term
loan.
"We are pleased to announce the agreement to sell the BRC
Roadway Network to a quality road owner-operator in CRR. The
Transaction provides a meaningful amount of cash for the BRC
Roadway Network and aligns with our goal of maximizing the return
we receive on our assets. We continue to remain very focused on
generating cash flow and optimizing our core asset base.", said
Jeremy Baines, Chief Executive
Officer of Tidewater.
The Transaction is expected to close in early April 2025, subject to customary closing
conditions and certain regulatory approvals, including the receipt
of approval from the Alberta Energy Regulator.
ABOUT TIDEWATER MIDSTREAM AND INFRASTRUCTURE
LTD.
Tidewater is traded on the TSX under the symbol "TWM".
Tidewater's business objective is to profitably grow and create
shareholder value in the North American natural gas, natural gas
liquids, crude oil, refined product, and renewable energy value
chain. Its operations include downstream facilities, natural gas
processing facilities, natural gas liquids infrastructure,
pipelines, storage, and various renewable initiatives. To
complement its infrastructure asset base, the Corporation also
markets crude, refined product, natural gas, natural gas liquids
and renewable products and services to customers across
North America. Tidewater is a
majority shareholder of Tidewater Renewables. Additional
information relating to Tidewater is available on SEDAR+ at
www.sedarplus.ca and at https://www.tidewatermidstream.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. The use
of any of the words "anticipate", "continue", "estimate", "expect",
"may", "will", "intend", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. In particular, this news release contains
forward-looking statements regarding the timing for the receipt of
proceeds from the Transaction, the use of the proceeds from the
Transaction, the effect of the Transaction on the Corporation's
business, Tidewater's focus on its liquidity and cost management,
the expected timing of closing of the Transaction, and the receipt
of certain regulatory approvals.
Although the forward-looking statements contained in this news
release are based upon assumptions which management of the
Corporation believes to be reasonable, the Corporation cannot
assure investors that actual results will be consistent with these
forward-looking statements. Any forward-looking statements
contained in this news release represent expectations as of the
date of this news release and are subject to change after such
date. However, the Corporation is under no obligation (and the
Corporation expressly disclaims any such obligation) to update or
alter any statements containing forward-looking information, the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by law.
With respect to the forward-looking statements contained in this
news release, the Corporation has made assumptions regarding the
effect of the Transaction on the Corporation's business and its
cash flow, as well as its ability to satisfy the required closing
conditions and receive the required regulatory approvals.
Forward-looking statements are provided herein for the purpose
of giving information about the Transaction. Readers are cautioned
that such information may not be appropriate for other purposes. In
addition, the Corporation is subject to a number of risks and
uncertainties, many of which are beyond the Corporation's control.
Such risks and uncertainties include the factors discussed under
"Risk Factors" in the Corporation's annual information form for the
year ended December 31, 2023 and the
most recent management's discussion and analysis.
All the forward-looking statements in this news release are
qualified by the cautionary statements herein. Further information
about factors affecting forward-looking statements and management's
assumptions and analysis thereof is available in filings made by
the Corporation with Canadian securities commissions available on
SEDAR+ at www.sedarplus.ca.
SOURCE Tidewater Midstream and Infrastructure Ltd.
